Daron Acemoglu on Why Nations Fail
EconTalk
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What's in the Book, Oing to Bock Ats Ite?
In england, the gains from atlantic trade because of the way that thee, the english monarchy, had previously bargained with parliament and passed laws as not the monopoly of the crown. And so it enriches many of the groups that are most opposed to the crown - they want their independence. But political closing down in spain is leading to a series of institutional changes which lead to what we call 'inclusive institutions' That's how industrial revolution starts 50 years hence.
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